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    FNM   SE0005468717

FERRONORDIC AB (PUBL)

(FNM)
  Report
Delayed Nasdaq Stockholm  -  03:18 2022-12-05 am EST
57.00 SEK   -0.35%
11/23Notice of extraordinary general meeting in Ferronordic AB (publ)
AQ
11/17Ferronordic acquires workshop in Peine, Germany
AQ
11/17Ferronordic AB (OM:FNM) agreed to acquire Henrich Arnke for €0.08 million.
CI
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Ferronordic AB and Sandvik Enter into Distributor Agreements for Germany and Kazakhstan and Terminate Agreements for Russia

09/15/2022 | 10:13am EST

Ferronordic AB (publ) has entered into agreements to become distributor for Sandvik mobile crushers and screens in Germany and Kazakhstan. Simultaneously, Ferronordic and Sandvik have terminated their agreements for Russia. In Germany, Ferronordic will be responsible for sales, service and repairs of Sandvik mobile crushers and screens in most of the country.

In addition to Ferronordic, Sandvik has another distributor in Germany, based in Dusseldorf, who will continue to operate in the Western part of the country. For customers in, for example, the construction and recycling industries, this means that Ferronordic, in addition to trucks from Volvo and Renault Trucks, will also be able to offer mobile crushers and screens from Sandvik. Ferronordic will also operate within a larger part of Germany than the area it has been responsible for with Volvo and Renault Trucks.

Given the current area of responsibility for Volvo and Renault Trucks, Ferronordic expects that the total sales relating to Sandvik crushers and screens will reach approx. 15% of Ferronordic's revenue in Germany. In Kazakhstan, Ferronordic will be responsible for sales, service and repairs of Sandvik mobile crushers and screens throughout the country.

This addition, alongside products from Volvo CE and Mecalac, means that Ferronordic will be able to provide a total solutions offering for customers in certain segments. In the future Ferronordic believes that the sales related to Sandvik crushers and screens can reach approx. 10% of the company's sales in Kazakhstan.

At the same time, Ferronordic and Sandvik have jointly agreed to terminate their agreements concerning Russia. The cooperation between Ferronordic and Sandvik in Russia started in 2021. Due to the military conflict in Ukraine, Sandvik has stopped deliveries to Russia.

In consideration of this, the parties have agreed that the dealer agreements for Russia shall be terminated as of today. Ferronordic does not expect the termination of the agreements with Sandvik in Russia to have any material impact on the outlook for its business in the country. Ferronordic is evaluating strategic alternatives for its Russian business.


ę S&P Capital IQ 2022
All news about FERRONORDIC AB (PUBL)
11/23Notice of extraordinary general meeting in Ferronordic AB (publ)
AQ
11/17Ferronordic acquires workshop in Peine, Germany
AQ
11/17Ferronordic AB (OM:FNM) agreed to acquire Henrich Arnke for €0.0..
CI
11/11Transcript : Ferronordic AB, Q3 2022 Earnings Call, Nov 11, 2022
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11/11Interim report 1 January - 30 September 2022
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11/11Ferronordic AB Reports Earnings Results for the Third Quarter and Nine Months Ended Sep..
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11/08Trading in Ferronordic shares resumes on 9 November
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11/04Trading suspension of the Ferronordic share
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10/28Invitation to Ferronordic's investor presentation 11 November 2022
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09/19Ferronordic AB(OM:FNM) dropped from S&P Global BMI Index
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More news
Financials
Sales 2022 6 274 M 604 M 604 M
Net income 2022 526 M 50,7 M 50,7 M
Net Debt 2022 767 M 73,9 M 73,9 M
P/E ratio 2022 1,58x
Yield 2022 4,98%
Capitalization 831 M 80,1 M 80,1 M
EV / Sales 2022 0,25x
EV / Sales 2023 0,29x
Nbr of Employees 1 840
Free-Float 64,2%
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Number of Analysts 0
Last Close Price 57,20 SEK
Average target price 45,00 SEK
Spread / Average Target -21,3%
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Managers and Directors
Lars Corneliusson President, Chief Executive Officer & Director
Erik Danemar Chief Financial Officer & Head-IR
Staffan Jufors Chairman
Erik Eberhardson Independent Director
Annette Brodin Rampe Independent Director